QRTEA - Qurate Retail stock drops to 2-year low on Q1 earnings miss
Qurate Retail (NASDAQ:QRTEA) stock tumbled to its lowest in over 2 years on Friday after the company reported Q1 results that missed Street view. Q1 adj. EPS was $0.15 vs. $0.48 in Q1 2021, hurt by deleverage of fulfillment and operating costs, $80M write-down of inventory remaining at QRTEA's Rocky Mount fulfillment center, and $2M of other costs related to the fire at the facility. QRTEA saw higher warehouse and logistics costs during Q1 due to the fire and expects these increased costs to continue during 2022. Revenue fell 13.8% Y/Y to $2.88B, with e-commerce revenue down 14% at $1.8B. Revenue from QRTEA's biggest segment QxH declined 13% due to a 12% decrease in units shipped amid supply chain constraints, product scarcity for home and electronics items, as well as weakened consumer sentiment. QVC International's revenue fell 13% due to a 6% drop in units shipped, supply chain constraints, product scarcity and
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Qurate Retail stock drops to 2-year low on Q1 earnings miss